Mitsubishi Electric’s Climaveneta to invest

Bengaluru-headquartered Climaveneta Climate Technologies (CCT), a Group company of Japanese multinational Mitsubishi Electric, is investing ₹400 crore in its state-of-the-art plant at Narsapura in Kolar district, its CEO Anil Dev said on Thursday.
He said the plant would be inaugurated on Friday.
“We are investing ₹400 crore at our Narsapura plant. Presently we are having an order booking of over ₹500 crore, as we target to double the annual order intake in next five years,” Dev said.
(Also Read: Ajmera Realty’s Bengaluru project sees 37% bookings at launch)
“The plant will manufacture central air-conditioning equipment such as Screw Chillers, Magnetic Levitation Technology Chillers, Scroll Chillers, Conventional Centrifugal Chillers, High Precision AC units, Heat Pumps, for HVAC application,” he said at a press conference.
According to him, CCT serves major clients all over India, including multinational hotel chains, healthcare establishments, malls, multiplexes, commercial projects of leading developers and corporate groups.
Presently the company has a work force of 300, which would be doubled in the next five years, Dev said.
(Also Read: Two Bengaluru people fell prey to Narayana Murthy and Mukesh Ambani deep fake videos, loses close to ₹90L: Report
Mitsubishi is set to make its debut in India’s car sale market this year with a 30 percent in TVS Mobility that operates dealerships in the country. This means that TVS Mobility will spin off its car sales business and Mitsubishi will take a stake of over 30 per cent in the new entity. Nikkei Asia reported that the investment is expected to be between 5 billion to 10 billion yen ($33 million to $66 million). This is still subject to regulatory approvals, it added but Mitsubishi plans to sends its employees to the dealership as soon as the investment is finalised.
(Also Read: Kalyani Developers forays into housing segment; to invest ₹4,500 crore over next two years in Bengaluru and Hyderabad)